Core Insights - India's oil refiners are benefiting from a strong supply of Russian crude due to geopolitical events impacting global oil markets [1] Industry Impact - The ongoing attacks by Ukraine on Russia's energy infrastructure have led to a significant reduction in Moscow's domestic refining capacity [1] - This decline in refining capabilities has resulted in a diversion of a larger volume of crude oil to international markets, particularly benefiting Indian refiners [1]

Group 1 - The discount for Iranian crude oil sold in China has increased to over $6 per barrel compared to Brent, rising from $5 at the beginning of September and $3 in March [1][2] - U.S. sanctions have impacted imports at major oil terminals in Shandong, affecting independent refiners that rely on Iranian crude [2][3] - Sanctions have led to reduced shipments to sanctioned ports, as the U.S. targets Chinese oil terminals and independent refiners [3] Group 2 - High stock levels at import hubs and insufficient government import quotas for independent refiners are contributing to the increased discounts for Iranian crude [4] - Onshore commercial crude stocks in Shandong reached a record-high of 293 million barrels as of August 22, which is 20 million barrels higher than early July [4] - China is accumulating crude inventories at a rate of approximately 1 million barrels per day and may continue to stockpile crude through 2026 if oil prices remain stable [5]

Discounts for Iranian oil in China have widened on record stock levels at a major refining hub and as a shortage of import quotas towards year-end hindered buying by independent processors, six trade sources told Reuters. ...

Core Viewpoint - Oil prices remained stable as investors evaluated the potential impact of Ukrainian drone attacks on Russian refineries, which could affect crude and fuel exports [1] Group 1: Market Impact - The drone attacks on Russian refineries have raised concerns about possible disruptions in crude and fuel exports from Russia [1] - Investors are closely monitoring U.S. fuel demand as part of their assessment of the oil market [1]

Ukrainians services use a reconnaissance drone to look for Russian logistical facilities. Ukraine is increasingly targeting Russia’s oil refineries and export facilities with drones, taking the fight beyond the battlefield to strike at Moscow’s economy. Most Read from Bloomberg On Friday, Ukraine claimed to have struck facilities handling almost half of Russia’s seaborne crude exports. The attacks — part of a 200-plus drone raid centered on the Leningrad region bordering Finland and Estonia — came soon a ...